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If you want to understand the dispute between the state and the savings banks, you have to know the history. NordLB had gambled away with bad shipping loans and had to be rescued by its owners with 3.6 billion euros at the end of 2019. In addition to Lower Saxony, savings banks and state banks nationwide also stepped in to prevent the settlement. That’s why it would be a thorn in the side of these new owners if NordLB were to grow too much and take too much risk. Lower Saxony holds 57.5 percent of NordLB and Saxony-Anhalt 6.3 percent. The rest goes to the savings bank warehouse.